Nomura to exit U.S. residential mortgage securities
Business Law
Nomura Holdings, Japan's largest brokerage, said it would pull out of the U.S. residential mortgage-backed securities market and cut a quarter of its U.S. workforce, pushing it to a big quarterly loss.
Nomura is the latest global investment bank forced to swallow bigger losses on products tied to to U.S. mortgage market, which was thrown into turmoil this year by rising defaults on subprime home loans.
It now expects to post a group pretax loss of 40-60 billion yen ($340-$511 million) for the July-September second quarter due to losses on residential mortgage-backed securities (RMBS) and charges to cut its U.S. workforce to 900 from 1,217 as of June.
Nomura, which has been buying residential mortgages and bundling them for resale as securities, said it would focus its efforts in the U.S. on expanding its asset management business and electronic brokerage unit Instinet.
"This should all but clear up our problems in the United States, and we believe we can build a structure that will allow us to achieve a speedy recovery from the second half," Nomura Chief Financial Officer Masafumi Nakada told a news conference.
Nomura had said earlier this year it may pull out of the RMBS business as part of a reorganisation of its U.S unit, which lost 74 billion yen on a pretax basis in the two quarters to June as it wrote down the value of its mortgage loan portfolio.
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Grounds for Divorce in Ohio - Sylkatis Law, LLC
A divorce in Ohio is filed when there is typically “fault” by one of the parties and party not at “fault” seeks to end the marriage. A court in Ohio may grant a divorce for the following reasons:
• Willful absence of the adverse party for one year
• Adultery
• Extreme cruelty
• Fraudulent contract
• Any gross neglect of duty
• Habitual drunkenness
• Imprisonment in a correctional institution at the time of filing the complaint
• Procurement of a divorce outside this state by the other party
Additionally, there are two “no-fault” basis for which a court may grant a divorce:
• When the parties have, without interruption for one year, lived separate and apart without cohabitation
• Incompatibility, unless denied by either party
However, whether or not the the court grants the divorce for “fault” or not, in Ohio the party not at “fault” will not get a bigger slice of the marital property.